dollar reversed intra-day bullishly projecting back up to 80.26.
silver close under $32.20 by 5:15pm today will likely start a correction. Trap is equity trading finishes at 4:00pm so that you're tempted to hold your bull shares position, meanwhile price continues down and closes under 32.20 an hour later leaving you to squirm all night long.
dollar says sell long positions or pay the piper.
trading carries risk especially when you listen to #$%$ like me that don't know what they are talking about.
I think all the quick movement in dollar and PM's has been driven by the 3 month debt limit vote in the house. If they can't agree and finally allow the sequester, that would be a good first step to reducing the defict and bad for PM's. I believe politicians will want to be seen as doing something which means it will not be as effective as the sequester, and good for PM's. I appreciate your posts and over the rest of winter and into spring we should see higher PM prices. Shorter term, I have no clue.
Thanks for the laugh, chem, but while I believe 99.99% of the people posting on Yahoo don't know what they're talking about (and I'll include myself in the supermajority), you have earned a spot in the 0.01% with your past calls.
This recent movement in silver has been hard to read, as you've stated yourself. I continue to expect this low-volume melt-up rally of recent days to correct and give me one more buying opportunity in the 28s, but the duration of this grind upwards has worn on my confidence in that plan, I admit. Long-term, I'm bullish, so I'm hoping to load up at lower prices. I don't pretend to catch the really short-term moves as you do.
Good luck and as always your perspective appreciated.
You're absolutely right, this move has been incredibly hard to trade, incredibly stated again for effect.. My models haven't worked for a week. I'm eyeballing it and using my other trading skills on the fly.
I don't normally talk about fundamentals but something is lurking in the background (non debt related crisis).
28's in silver might be too low for now. Of course, it all depends on the dollar strength in relation to what the dollar does when/if it gets to 80.26. gold but more so silver leading, traded like a currency. I've been short since I started this thread and playing it by ear on when I cover. I think the cover will present itself sometime within the next 36 hours. my gut says somewhere in the $31.xx mid to lower. if the dollar gets above 80.26 you have to keep your short.